It is believed that earning status, spends his family for three generations.
In America there is a saying: “Every fourth generation goes in a shirt”. In Japan it is known the following statement: “Every fourth generation gathers rice on the same plantation”, as reported by Sea Sense.
In other words, very few families can preserve their wealth for a long period. Typically, it is consumed for three generations. Taxes, excessive spending on children and grandchildren, as well as the fact that a lot of money somehow corrupts — all this sooner or later doing its job and damages the financial condition of the family, reports Rus.Media.
However, the Rockefeller family managed to avoid it. To date, the family has seven generations and 170 descendants. According to the magazine “Forbes”, in 2016-m to year the family fortune was estimated at $ 11 billion. The family was able not only to maintain but also to increase his fortune over the past 100 years, since the moment that John D. Rockefeller, who founded in the late nineteenth century the Standard Oil company, became the first official billionaire in the history of mankind.
Even more incredibly is that this family managed to remain truly cohesive. With the name Rockefeller was never contacted neither the scandal of a personal plan. Family members are never at odds with each other and didn’t give each other the lawsuits. Today, there are 250 direct descendants of John D. Rockefeller and Laura Spelman Rockefeller.
Of course, the Rockefellers were already a good capital that can be used. This is very important. However, the rich were the Astors, as well as Vanderbilt and Carnegie. Still, these families do not donate billions to charity, as do the Rockefellers. During his life David Rockefeller has donated to charity more than $ 1 billion.
So what is the secret of the Rockefellers?
In one of his few interviews David Rockefeller Jr., President of Rockefeller & Co, said that his family live according to a certain system of values, traditions and rules that allowed them not only to preserve the family fortune, but also made it so that family and to this day remains cohesive. These rules will be useful for families with any income. They will allow to cultivate children a correct attitude towards money.
Only David Rockefeller have identified 4 main elements.
1. Arrange a family meeting.
The first is the regular meetings where the whole family is going.
“We meet with the whole family 2 times a year. As a rule, in the framework of these meetings is going to more than 100 members of our family. For example, we can gather together to dine at Christmas, he said. — We’re going on a so called family forum. These meetings are open to all members of our family who turned 21”.
Gathering together in the family forum, members of the Rockefeller family to discuss future plans, new projects, new family members and any other news that are related to career and various important events. It is important that everyone felt part of one big family, regardless of whether he belongs to it by right of birth or he entered the family after marriage.
2. Keep family history.
He also drew attention to the fact that family is very important to know and honor their history. The family remained of the family estate, which belonged to the ancestors. You can visit them at any time.
“It’s estates that have been passed down in our family from generation to generation, said Rockefeller. — I can come in one of these houses in which he lived, my great-grandfather 100 years ago and see how he lived, how he lived, his son and the children of the son.”
3. Allow children to be independent.
Rockefeller also noted that to have a single family business for them is not so important. The fact is that an organization often becomes the reason for the differences in wealthy families. The family members who own this business together, begin to argue among themselves about who should control the business, as it should, and who should get more profit.
Single family business in the Rockefeller family does not exist since 1911. That year, Standard Oil, in accordance with the government of new laws, aimed at combating monopolization, were divided into group of companies – joint-stock companies of open type. Literally in the blink of an eye, one big company has turned in a number of listed companies. Shares and financial assets was now much easier to transmit a legacy to future generations. In addition, heritage is now much less likely to become the subject of disputes in the family.
“Of course, our family has earned their status primarily due to the oil business by Standard Oil — said Rockefeller. — However, this business is not contributed to the fact that we were all United as a family. There are so many families whose members are at odds because of a shared family business. I think we were just lucky that we have such a business was not. We had a business, to which we each contributed. This business was passed down in our family from generation to generation. Each of the generations have multiplied the overall condition of the family due to this business. Gradually, it spread far beyond our family and it has been a new direction. Despite the fact that we still supervised them, we didn’t have a single main business, which was based on the state of our family.”
4. Explain how important it is to lend a shoulder to those who needs help.
The most important factor which contributes to the fact that the Rockefellers remain one family is a family value. In particular, we are talking about charity. The family founded numerous foundations, including the Rockefeller Foundation, the Rockefeller brothers Fund and the Fund, David Rockefeller, the total amount of donations which is $ 5 billion.
Charitable in this family are encouraged. Making philanthropy a key feature of the clan, the Rockefellers retained in his family, one of the main values by which he lived, John D. Rockefeller, Jr. His life motto engraved on stone, established near one of the houses included in the complex of Rockefeller center. On the stone is written the following:
“Every right implies a responsibility; every happy opportunity implies obligation; possession implies a duty.”
David Rockefeller, Jr. still remembers the day when he first donated to charity part of their first paycheck. At the time he was 10 years old. Since then, he has donated to charity on a weekly basis. Exactly so did John D. Rockefeller, who donated to charity a part of their very first earnings.
“These values are already tested for centuries. If they didn’t matter, just disappeared,” said David Rockefeller, Jr. Therefore, I believe that my family did everything in order to live in accordance with the statement that says that the more one gives, the more she receives in return.”
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